HSBC Bank, one of the world's largest banking and financial services organizations, today announced its partnership with the Massachusetts Institute of Technology (MIT), and participation in its Industrial Liaison Program (ILP). The program is dedicated to creating and strengthening mutually beneficial relationships between MIT and corporations worldwide. HSBC held a kickoff summit at MIT in Cambridge, MA, on November 30 and December 1.

"It's incredibly exciting to partner with a world-class institution like MIT," said Vittorio Severino, HSBC USA's Chief Operating Officer. "This partnership strategically positions HSBC to leverage a myriad of MIT's resources well beyond its core academics and research. Access to labs, technical know-how, startups, and of course, top talent will ensure that we stay at pace with the rapidly evolving banking environment. More importantly, it will enable us to use technology and data and analytics to provide better services and more innovative products to our clients."

Through the partnership, HSBC will be able to monitor research development, identify and make use of MIT resources of interest, arrange expert face-to-face meetings with faculty, and leverage innovation from MIT-connected startups. The partnership also provides HSBC with the ability to attract and recruit top talent from the university.

"As a bank, we are in the business of trust," said Jeremy Balkin, Head of Innovation for HSBC's US Retail Banking and Wealth Management business. "With more and more disintermediation and technological change happening across the banking industry, the need to innovate and adapt to meet our customer's changing needs is paramount. This partnership provides us with access to the latest thinking across several fields that will help guide our overall innovation strategy moving forward."

As part of HSBC's continued innovation efforts, the US bank has spent more than $125 million as part of its retail transformation program. Through this initiative, HSBC has introduced technology such as voice biometrics, Touch ID, a new online banking portal, improved ATMs and more, in the effort to make the banking experience for clients simpler, better and faster.

HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with total assets of US$191.9bn as of 30 June 2017 (US GAAP), serves customers through retail banking and wealth management, commercial banking, private banking, asset management, and global banking and markets segments. It operates 229 bank branches throughout the United States. There are 146 in New York as well as branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of the FDIC.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,492bn at 30 June 2017, HSBC is one of the world's largest banking and financial services organizations.

MIT Industrial Liaison Program

The Industrial Liaison Program (ILP) is industry's most comprehensive portal to MIT, enabling companies worldwide to harness MIT resources to address current challenges and to anticipate future needs. The ILP helps company executives monitor MIT research developments, identify MIT resources of interest to member companies, arrange expert face-to-face meetings with MIT faculty, and advise members on research sponsorship and technology licensing opportunities.

View source version on

Copyright Business Wire 2010